i wanted to thank acoc and mark buell who chairs acoc and kerry mcclellin who's the executive director. they're both working to really cover a lot of the city's costs, including port's lost rent. we're very appreciative. we have a number of representatives from america's cup waste management and the event authority, bob billingham from race management, lizzie spalding from the event authority. people they're working with marsha, paul. and principal race officer john greg as well from race management. there's really been a very large group effort here. and port staff is deeply appreciative. so i would like to turn to the technical attachment a-1 resolution 12-34 is a date change and in the first paragraph, there's an incorrect april 10th, 2012 date that should be changed to april 24th, 2012. and with that port staff available along with mr. martin to answer any questions that the commission may have. thank you very much. >> move up 9-a with the suggested technical amendment. >> second. >> public comment. kevin carroll, hotel counsel. >> good afternoon, commissioners. my name is kevin ca

we are working with the acoc and the office to identify the options for this shirt or insurance project. -- product. we are moving quickly because we have now redefined the actual performance of the city and limited the construction projects, as compared to the previous model where others were developing those projects. we hope to have that in hand in the very near future. so with that in mind, the agreement as a law creates the parameters which will be in place, and those parameters match the structure of the original host agreement and make sure that the general fund is protected. the last year, which may be hard to see but the subtitles, we adopted all the budget animalist's recommendations, and this includes budget reports quarterly back, and the fund- raising, the port infrastructure expenditures, as well as city operating expenditures. in addition, there would be a report back to the outcome of the sure did bond effort that i just described comment and then, in addition, reports back in the event that the fund-raising does not come in at the fall of $32 million, reporting back on